KEC International earnings calls.

KEC International delivered record FY26 revenue of Rs 23,556 croreCurrent reported value: record FY26 revenue of Rs 23,556 crore. No comparable prior figure is available in the source record. (+8Current 8 crore vs previous available quarter 12 crore.% YoY), with operating EBITDA growth of 21% and PAT growth of 18%Current reported value: 21% and PAT growth of 18%. No comparable prior figure is available in the source record., significantly outpacing revenue growth—demonstrating operating leverage despite a challenging environment. Q4 revenue came in at Rs 6,390Current reported value: 6,390. No comparable prior figure is available in the source record. crore with EBITDA margin of 7Current 7 crore vs previous available quarter 7 crore.%. The company's order book plus L1 position stands at an all-time high of over Rs 40,000 croreCurrent over Rs 40,000 crore. Reported change: Robust, 6-7 quarters visibility., providing 6-7 quarters of revenue visibility. The T&D segment contributed 68% of revenuesCurrent reported value: T&D segment contributed 68% of revenues. No comparable prior figure is available in the source record. (vs 59% last year) with 24% growth, while Cables & Conductors grew 23% to Rs 2,217 crore. However, Middle East disruptions cost approximately Rs 300-400 crore in Q4 revenueCurrent reported value: Middle East disruptions cost approximately Rs 300-400 crore in Q4 revenue. No comparable prior figure is available in the source record., with supply chain and logistics challenges expected to persist into Q1/Q2 FY27. Working capital days deteriorated to 101 from 88, and net debt remains elevated at Rs 6,722 crore. Management targets 12-15% revenue growth in FY27Current reported value: 12-15% revenue growth in FY27. No comparable prior figure is available in the source record. with order intake guidance of Rs 30,000 crore, while debt reduction of Rs 1,000 crore is planned. Margin guidance remains withheld pending clarity on cost pass-through discussions with clients. Civil segment is expected to grow 30%+Current reported value: Civil segment is expected to grow 30%+. No comparable prior figure is available in the source record. as execution normalizes post labor disruptions and project plan changes. Key risk: geopolitical tensions in Middle East (27% of order book) and uncertain timeline for margin recovery beyond current 7-8% range.